[txusa03]

Anyone here have AIG insurance (home or auto) and are you concern about what is hapenning with FED bailing AIG out? Comments?

[iatacs19]

Stay the course.

[txusa03]

Originally Posted by iatacs19

Stay the course.

dont panic yet right?

[GreenThree]

Originally Posted by iatacs19

Stay the course.

+1. They (American General Life Insurance CO.) are going to be OK.

[m3power13]

Originally Posted by GreenThree

+1. They (American General Life Insurance CO.) are going to be OK.

I believe it is now "United States Government Life Insurance".

[san~man]

From what the news reported, the insurance side is sound. It's the investment side that's going under. Who knows though?

[Icedog_16]

You shouldn't have any problems. I've attached a fax I received this yesterday regarding their situation as pertains to their Property & Casualty insurance operations.

[stooken]

got switched over to them from 21st century and now my dad wants to get out.

[Icedog_16]

Originally Posted by stooken

got switched over to them from 21st century and now my dad wants to get out.

No need to do that. Despite being downgraded, they still have a very solid credit rating. We're talking about a company with $1T in assets here.

[txusa03]

thanks icedog...

don't panic folks. This is how I see things, is switching really a sound decision, do you know for certain that other companies are not in the same situation in this bad economy.

[wuufer001]

i just started working for a company, and the insurance that they supply employees with is AIG. i'm actually starting the insurance next month

[Icedog_16]

Originally Posted by txusa03

thanks icedog...

don't panic folks. This is how I see things, is switching really a sound decision, do you know for certain that other companies are not in the same situation in this bad economy.

No prob! Glad I could help.

[GreenThree]

Its important to understand that AG ins co. is a wholy owned subsidiary of AIG, and is a separate entity all together. Life insurance co's are regulated very heavily by the states, and are obligated to keep sufficient assets and reserves on hand in order to pay claims. I am not in the business of predicting the future, but I bet AG ins co gets sold, and they go back to biz as usual.

[GreenThree]

Originally Posted by m3power13

I believe it is now "United States Government Life Insurance".

LOL

[Icedog_16]

Originally Posted by GreenThree

Its important to understand that AG ins co. is a wholy owned subsidiary of AIG, and is a separate entity all together. Life insurance co's are regulated very heavily by the states, and are obligated to keep sufficient assets and reserves on hand in order to pay claims. I am not in the business of predicting the future, but I bet AG ins co gets sold, and they go back to biz as usual.

Not only that, but Life insurers are some of the most stable companies on the face of the planet. Death rates are relatively easy to predict with some certainty. Unlike the P&C industry, shock losses are few and far between.

[Spec 1]

Originally Posted by Icedog_16

Not only that, but Life insurers are some of the most stable companies on the face of the planet. Death rates are relatively easy to predict with some certainty. Unlike the P&C industry, shock losses are few and far between.

True that. I'm a State Farm agent, fully licensed in multiple states, so I've got a good handle on the industry. AIG is relatively stable in the insurance industry although I've been hearing a number of stories lately from clients who've been having more difficult times getting money out of them. I wonder if perhaps in the scheme of things these are somewhat intertwined (though legally they're not supposed to be).

on AIG for getting themselves into this situation. State Farm has one of the top rated banks in the nation now mostly due to more strict underwriting practices and the fact we didn't try to grab a quick buck on the sub-prime lending.

[GreenThree]

Originally Posted by Spec 1

True that. I'm a State Farm agent, fully licensed in multiple states, so I've got a good handle on the industry. AIG is relatively stable in the insurance industry although I've been hearing a number of stories lately from clients who've been having more difficult times getting money out of them. I wonder if perhaps in the scheme of things these are somewhat intertwined (though legally they're not supposed to be).

on AIG for getting themselves into this situation. State Farm has one of the top rated banks in the nation now mostly due to more strict underwriting practices and the fact we didn't try to grab a quick buck on the sub-prime lending.

Clients shouldnt be having difficulty "getting money out of them" Life & annuities are legal contracts. If a client requests a withdrawal, they are required to fulfil the request. Prior to this MOnday, I would argue that AIG American General (The insurance company) was much more than relatively stable. They were A+ rated by best with a 96 COMDEX. They have been downgraded to A. I still think that they are very strong. But we will have to wait to see how this shakes out. The 85 B loan from the fed should raise confidence.

Agree with you that "thumbsdown" to all of the large companies that got into the sub-prime. Lehman paid the price on that one.